Crypto-traders Campaign Against RBI crackdown on virtual currency

Crypto-traders Campaign Against RBI crackdown on virtual currency

Crypto-traders Campaign Against RBI crackdown on virtual currency Last week, the bank regulator had released a statement directing all regulated entities, including banks, e-wallets, and payment gateway providers, to stop dealing with individuals and businesses in decentralised currency. Traders may go one step ahead to challenge the central bank before the Supreme Court. Meanwhile, these

Crypto-traders Campaign Against RBI crackdown on virtual currency
Last week, the bank regulator had released a statement directing all regulated entities, including banks, e-wallets, and payment gateway providers, to stop dealing with individuals and businesses in decentralised currency.

Traders may go one step ahead to challenge the central bank before the Supreme Court. Meanwhile, these traders have been running a campaign against RBI to rethink over its decision on virtual currency.

According to Anirudh Rastogi, managing partner at law firm TRA that represents several bitcoin exchanges in the country, these traders can file a petition on the ground of right to trade as only reasonable restrictions can be imposed and applied but a complete prohibition as restrictive as this was unnecessary.

This could cause a serious question on trading of cryptocurrency as the earlier petition filed before the Supreme Court hasn’t yielded any result.
Meanwhile, an online petition urging the RBI to withdraw its decision is being circulated. Launched by Bitbns, another cryptocurrency exchange, it has already received over 26,000 signatures. “This is clearly stifling innovation around blockchain,” the petition says. “If a government does not facilitate adoption of new technology the country stands to (be) left behind.”
Additionally, RBI crackdown on virtual currency has already seemed to be facing the wrath of the traders. They call for a campaign against it with #RBICantStopMe on different social media especially Twitter and Facebook.